Chart of the day: PLATINUM (29.12.2025)

Platinum Slides 5% After Hitting All-Time High at $2,472 Amid Broad Precious Metals Sell-Off.

After breaking the all-time high at $2,472, the PLATINUM contract moved sharply into defensive territory. The decline found support at the 23.6% Fibonacci retracement level and is currently trading around the close on December 23. Source: xStation5Source: xStation5

From early December to mid-Asian session today, platinum futures surged a record 50%. The RSI indicator was already near overbought territory (70<) at the start of the last steep rally, when prices were flirting with the then-ATH near $1,700 (yellow zone). Concerns about overvaluation did not prevent further euphoria. Platinum gains were initially driven by broad bullishness in precious metals, fueled by expectations of further monetary easing. Lower interest rates would increase market liquidity, boosting broad demand and reducing the opportunity cost of holding commodities versus interest-bearing deposits or bonds. For platinum specifically, shortages played a key role, highlighted by strong industrial demand (particularly for automotive catalytic converters) and jewelry.

Platinum’s chronic deficit is expected to ease in 2026. Source: World Platinum Investment Council Q3 2025 Report

However, the safe-haven appeal failed to support precious metals at year-end. While the Trump-Zelensky talks produced no concrete peace breakthroughs on paper, hopeful narratives about the “war nearing its end” and “90% agreement on the peace plan” were enough for investors to take profits in overbought markets. Alongside platinum, GOLD (-1.4%), SILVER (-4%), and PALLADIUM (-12%) also declined.

The sell-off in precious metals was further supported by stabilizing expectations around the Fed’s January move (swap markets price an ~80% chance of rates remaining unchanged) and caution ahead of tomorrow’s FOMC minutes release. Platinum, however, faces supply-side pressures that are expected to normalize after years of deficits in 2026. The WPIC November report noted slightly lower industrial consumption in key sectors (catalysts and jewelry), and steeper declines in palladium may further encourage manufacturers to substitute platinum with a cheaper alternative.